As we edge closer to 2023, threats of a recession loom over the shoulders of many business owners, while others say we’re already there. So, what does that mean for business growth in 2023 and what are the marketing trends your small or medium sized business should focus on?
As a result of recessions, companies that aren't prepared for these changes may sell fewer products and economic growth is likely to be very slow or nonexistent.
Some organizations may attempt to reduce costs and may be forced to lay off significant portions of their staff, which can result in widespread unemployment—hiring slows, making it difficult for the newly unemployed to find work.
Every economy experiences recessions from time to time. Preparing for the future and anticipating these sales and marketing challenges can help you weather the storm. These are some of the marketing trends Ideatech intends to leverage in 2023 for our clients to push brand awareness and growth.
As a form of social media marketing, influencer marketing involves endorsements and product placements from influencers on social media channels like Facebook, Instagram, and TikTok that are positioned as an authority figure of knowledge in a specific field, having significant social influence.
In 2022, influencer marketing increased by $2.6B as more than 89% of marketers plant to continue or increase those budgets in 2023. For influencers and marketers alike, this new form of marketing has been steadily growing year over year, making it the most lucrative form since PPC started in 1996 with Planet Oasis, years before Google perpetuated it forward.
Our prediction and goals for clients in 2023 is that influencer marketing will become a common marketing tactic, used by agencies and internal marketing teams alike.
SOCIAL MEDIA USED AS A TOOL FOR CUSTOMER SERVICE
With our current market place, the theme has evolved for the customer into I want it, and I want it now. With customer service that is no different, but for many businesses (especially those in a fully digital landscape), the ability to provide instant customer service wains on systems to provide that instant response customers are looking for.
As an example, according to published research from PWC, it seems that the more expensive your product is, the more they are willing to pay. Customers may be willing to pay a premium of 13%-18% for luxury and indulgence services, simply by receiving great customer service. Customer experience is the key brand differentiator between price and product, according to a Walker study.
Social media has a powerful ability to become the hub for your brand’s customer service resource for clients. Over 25% of marketers leverage their brand’s direct messaging system within social media to offer customer support for their customer base. With the ability to preload answers and questions that visitors can select, this newer age active FAQ section within your social media can be easily accessed from the app, giving your customer base access to your brand’s information seamlessly at any moment.
Of course, the best will continue with customized engagement and follow up through drip marketing campaigns to leverage engagement at all levels.
SHORT FORM VIDEO CONTENT IS GROWING
The age of long form video to educate and inspire customers to purchase is dwindling. With the rise of Reels and TikTok videos, users are driven to short, quick, and memorable content that resonates with their interests. Short-form video accounts for 40% of all videos posted in 2022 and Ideatech expects that figure to jump over 50% in 2023.
It’s no secret that users are looking for a quicker answer and short-form video provides that experience. An estimated 1.6 billion people used short-form video to communicate this year, almost 80% of all mobile traffic. For business owners, this is encouraging knowing that short, quickly made videos can elevate engagement, interest, and branding when done in a consistent manner.
SEO WILL BECOME MORE COMPETITIVE IN 2023
SEO or Search Engine Optimization is no longer a new tactic for marketers, and for those who aren’t in the know are feeling the lack of results in organic search traffic to their site. While site traffic varies based on several factors ranging from industry, company size, age of the business, and marketing efforts, it’s not inconsistent that your site should be receiving 8k to 10k visitors on a monthly basis.
Marketers are realizing the vast benefits of building their SEO presence and in 2023, and this should only continue. As more businesses target major keyword terms, this should increase the difficulty to rank for optimal keyword terms for your industry.
Over 88% of marketers already have an SEO strategy and will increase or maintain those efforts next year. So, if you’re just now thinking about SEO, or haven’t a clue on how to start, you can always reach out to our team for a free consultation on what might be the right steps for your brand.
WEBSITE OPTIMIZATION FOR MOBILE WILL TAKE OVER
Mobile digital use is growing immensely. As younger age groups become a heavier influence in buying power, it’s reasonable to expect that the digital experience on mobile platforms will become even more relevant to user experience.
A great website design on desktop may be irrelevant if 80% of your website traffic is coming from mobile users. This can be discovered relatively easily with your Google analytics showing what device your users are using to visit your site.
This rings true in email marketing, with many industries focusing on mobile email experience for subscribers that may only view emails through mobile devices.
SALES AND MARKETING TEAMS WORKING TOGETHER FOR THE WIN
In some industries, the disconnect between what sales and marketing is doing couldn’t be bigger, and in 2023, that just isn’t going to get the job done. Sales teams and marketers inherently want to be in control, claiming the successes of quarterly earnings. However, without coordination, the right hand isn’t targeting what the left hand is pushing. We’ll let you decide which is the right hand, but in a tough year coming, coordination between these two departments couldn’t be more imperative to the success of the brand.
If your teams aren’t meeting collectively and providing feedback to each other regarding current and prior campaigns, the aggregate will be confused with a loss of vital data for your business. Shifting your goals to align marketing and sales together will only help both departments, elevating the brand and sales.
THE SHIFT FROM OUTBOUND TO INBOUND MARKETING
Technically, this isn’t a new shift, but some business owners may be surprised to learn the statistical success coming for inbound marketing in 2023. Creating brand awareness and cultivating trust will prove essential for brands that are interested in driving customer traffic in 2023.
Outbound marketing has been driving low-cost ad spend for decades, and many are over it. Outbound marketing stops the intended audience from their digital experience. To compound problems without severely acute audience segmenting, many users find content they’re not interested in, creating a negative affect for your brand.
Inbound marketing offers the reciprocate of that experience by aiming to build connections with intended audience segments, attempting to solve problems - lesson 101 in entrepreneurship. As users continue to be inundated with pop up advertising, opt for the top-of-mind approach, aligning your brand as an industry leader and source for accurate information through the use of premium content marketing.
TESTING NATIVE ADS TO IMPROVE ROI
Advertising that appears natively on a platform is often called sponsored content or native advertising. Many times, it appears as a video, article, or editorial and functions as an advertorial. In 2023, the growing interest in this strategy should continue to carry well, with platforms and media sectors continuing to offer these products for marketers to leverage.
What determines the success of this type of outbound marketing will hinge on the quality of content and targeting applied along with the follow up of link-to content. For example, running a quality native ad on a farming media site that offers discounts to users who click the link, and then arrive to a generalized company website with no continued call to action will suffer heavily in conversion statistics. Following through on the customer experience as they travel through your advertising must cater to the unique aspects of that industry and customer type.
VIDEO REMAINS AT THE TOP
Content is king, and if that continues to ring true in 2023, then video is the Genghis Khan, proving that no other content format can touch its ROI. With video dominating the marketing environment in 2022, it’s reasonable to assume this will continue for decades to come. Over 90% of marketers use video to effectively push their message. For brands looking to breakout, or improve both brand awareness and drive sales, a quality video built by an agency like Ideatech Creatives can prove immensely powerful.
Video ad spending will increase over the next 12 months by over 40% and 84% of marketers report improved lead generation from video advertising. Ideatech Creatives can take your video aspirations from beginning to end, with the creation of our in-house, 2,150 sq. ft video and photography studio with a 600 square foot cyc, we can produce high quality content, in house, while creating strategies to release this video for optimal lead generation.
The important take away from all of this is that while strategies may remain the same, or need a higher level of focus, what is clear is that high quality content, consistency, and continued investment in your marketing programs will be a major factor in business growth and success in 2023. For businesses that are unsure on what to expect or strategize for in 2023, we highly encourage you to click the link below to sign up for a free tele-consultation to understand if Ideatech Creatives is the creative agency for you.